November 29, 2022
Māori fall behind on retirement savings
Fifty percent of kaumatua are struggling financially, according to research for the Retirement Commission Te Ara Ahunga OraKaihautu.
Researcher Erin Thompson says there are growing disparities between Maori and non-Maori driven by lower home ownership, fewer Maori homeowners reaching retirement age mortgage-free, and lower KiwiSaver participation.
That has major treaty implications for retirement policy.
“It’s really important for us to think about how we can plan for the short term, medium and long term for Maori, how we can improve those relationships in the financial industry to support and look at different ways that can meet the needs of Maori,” Ms Thompson says.
She’d like to see more financial education for Maori as well as encouraging Maori to invest in KiwiSaver.